The Bank of Thailand Will Start its CBDC Pilot Project at the End of the Year

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The Bank of Thailand (BoT) plans to launch a retail CBDC pilot project. According to the regulator, limited-scale trials will take place in the private sector.

According to the press release:

“The BoT will evaluate the benefits and risks identified during the pilot project in order to formulate appropriate policy and improve the design of the tool in the future.”

The pilot project is divided into two phases. As part of the first, the regulator will test the digital currency in basic operations such as paying for goods and services.

Tests will be held in a limited area with the participation of 10,000 users. At this stage, the Bank of Ayudhya, Siam Commercial Bank and 2C2P will be involved in the experiment.

The initiative is expected to start at the end of the year, whereas the tests will last until mid-2023.

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